Core Viewpoint - The company, Puyang Puna High-Temperature Materials (Group) Co., Ltd., has announced the early redemption of its convertible bonds, "Puna Convertible Bonds," due to the fulfillment of specific redemption conditions [2][20]. Group 1: Redemption Details - The redemption price for "Puna Convertible Bonds" is set at 100.906 CNY per bond, which includes accrued interest at an annual rate of 3.80% [1][13]. - The redemption conditions were met as the company's stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [11][12]. - Key dates for the redemption process include: - Redemption condition satisfaction date: July 28, 2025 - Last trading day: August 18, 2025 - Redemption registration date: August 20, 2025 - Redemption date: August 21, 2025 - Funds credited to the company’s account: August 26, 2025 - Redemption funds credited to bondholders: August 28, 2025 [3][15][17]. Group 2: Bond Issuance and Conversion - The company issued a total of 6,263,903 convertible bonds with a total value of 62,639.03 million CNY, with an initial conversion price of 4.43 CNY per share [2][5]. - The conversion price has been adjusted multiple times due to annual equity distributions, with the latest adjustment setting the price at 4.20 CNY per share as of July 11, 2025 [6][7]. - The bonds were first listed on June 18, 2021, and the conversion period is from December 1, 2021, to May 25, 2026 [5][6]. Group 3: Compliance and Governance - The board of directors approved the early redemption of the bonds during a meeting held on July 28, 2025, ensuring compliance with relevant regulations and internal governance procedures [20][21]. - The company has not received any plans from major shareholders or executives to reduce their holdings in the bonds within the next six months [18]. Group 4: Additional Information - Bondholders must process conversion requests through the securities company that holds their bonds, with a minimum conversion unit of one bond [19]. - The company will publish redemption announcements daily leading up to the redemption date [15].

Group 1 - The company Puyang Refractories announced that the redemption price of the "Puyang Convertible Bonds" may differ significantly from the market price before trading and conversion stops, urging holders to convert within the deadline [2] - Investors who fail to convert in time may face potential losses, highlighting the importance of being aware of investment risks [2]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 11、根据安排，截至 2025 年 8 月 20 日收市后仍未转股的"濮耐转债"将被强制赎回。 本次赎回完成后，"濮耐转债"将在深圳证券交易所摘牌，特提醒"濮耐转债"债券持有人 注意在限期内转股。债券持有人持有的"濮耐转债"如存在被质押或被冻结的，建议在停止 转股 2 日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 濮阳濮耐高温材料（集团）股份有限公司 12、风险提示：本次"濮耐转债"赎回价格可能与其停止交易和停止转股前的市场价格 存在较大差异，特提醒持有人注意在限期内转股。投资者如未及时转股，可能面临损失，敬 请投资者注意投资风险。 关于提前赎 ...

Investment Rating - The report recommends a "Buy" rating for companies such as Beixin Building Materials and China Jushi, while suggesting an "Overweight" rating for Weixing New Materials [9]. Core Views - The construction materials sector has shown a mixed performance, with cement prices stabilizing while glass and fiberglass sectors face challenges [2][3]. - The recent policy changes in Beijing regarding real estate are expected to influence demand dynamics across the sector [2]. - The report highlights the potential for recovery in the construction materials sector, particularly in municipal engineering projects due to increased government bond issuance [2]. Summary by Sections 1. Market Overview - From August 4 to August 8, 2025, the construction materials sector (SW) increased by 1.24%, with cement rising by 2.81% and glass manufacturing declining by 0.37% [12]. - The net capital inflow for the construction materials sector was -680 million yuan during this period [12]. 2. Cement Industry Tracking - As of August 8, 2025, the national cement price index was 335.96 yuan/ton, a decrease of 0.51% from the previous week [16]. - The national cement output was 2.6415 million tons, down 4.08% week-on-week, with infrastructure cement supply also declining [16]. - The report notes that while infrastructure remains a key demand driver, residential construction demand is weak, and recovery in civil demand is contingent on seasonal factors [16]. 3. Glass Industry Tracking - The average price of float glass was 1274.90 yuan/ton, reflecting a 1.57% decrease from the previous week [6]. - Inventory levels for glass have increased, indicating ongoing supply-demand imbalances [6]. 4. Fiberglass Industry Tracking - The report indicates that fiberglass prices have stabilized after a period of decline, with demand expected to improve due to growth in wind power installations [7]. - The market for electronic yarn remains stable, with high-end products experiencing strong demand [7]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies [2]. - The report continues to recommend companies like Beixin Building Materials and Weixing New Materials for their growth potential [9]. 6. Carbon Fiber Industry Tracking - The carbon fiber market is showing signs of stability, with production levels remaining consistent and demand expected to grow in various applications [8].

Core Viewpoint - The company has decided to exercise its right to redeem the "Puna Convertible Bonds" early, based on current market conditions and its own situation, and has authorized management to handle all related matters [2][10]. Group 1: Bond Redemption Details - The redemption price for the "Puna Convertible Bonds" is set at 100.906 yuan per bond, which includes the accrued interest for the current period at an annual rate of 3.80% [1][7]. - The bonds will be delisted from the Shenzhen Stock Exchange after the redemption is completed, and bondholders are advised to convert their bonds within the specified period [1][8]. - The redemption will occur on August 21, 2025, with the redemption registration date set for August 20, 2025 [7][8]. Group 2: Bond Issuance Information - The company issued a total of 6,263,903 convertible bonds on May 26, 2021, with a total value of 62,639.03 million yuan, at a face value of 100 yuan per bond [2][3]. - The bond's conversion price has been adjusted multiple times, with the latest adjustment setting it at 4.20 yuan per share effective from July 11, 2025 [4][6]. Group 3: Conditions for Redemption - The company can redeem the bonds if the stock price remains at or above 130% of the conversion price for at least 15 trading days within a 30-day period, or if the remaining unconverted bonds are less than 30 million yuan [5][6]. - The stock price thresholds for the redemption were calculated based on the adjusted conversion prices, with the 130% thresholds being 5.53 yuan and 5.46 yuan for different periods [6]. Group 4: Shareholder Transactions - The controlling shareholders and key management personnel have not traded the "Puna Convertible Bonds" in the past six months and have no plans to reduce their holdings in the next six months [9].

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回"濮耐转债"的第九次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 3、停止交易日：2025 年 8 月 18 日 4、赎回登记日：2025 年 8 月 20 日 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 一、濮耐转债基本情况 1、可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2020〕3350 号"文件核准，濮阳 ...

Core Viewpoint - The company, Puyang Pona High Temperature Materials (Group) Co., Ltd., has announced the early redemption of its convertible bonds, "Pona Convertible Bonds," due to the fulfillment of specific redemption conditions set forth in the bond issuance agreement [3][20]. Group 1: Redemption Details - The redemption price for "Pona Convertible Bonds" is set at 100.906 CNY per bond, which includes accrued interest at an annual rate of 3.80% [2][10]. - The redemption process includes key dates: trading will stop on August 18, 2025, and the redemption will occur on August 21, 2025 [3][17]. - The company will fully redeem all unconverted "Pona Convertible Bonds" as of the redemption registration date, August 20, 2025, after which the bonds will be delisted from the Shenzhen Stock Exchange [3][17]. Group 2: Bond Issuance and Conversion - The "Pona Convertible Bonds" were issued on May 26, 2021, with a total issuance of 6,263,903 bonds, amounting to 626.39 million CNY, and an initial conversion price of 4.43 CNY per share [4][27]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment reducing the price to 4.20 CNY per share as of July 11, 2025 [5][29]. - As of August 6, 2025, a total of 105,082,078 shares have been converted from the bonds, representing 10.40% of the total shares issued before the bond conversion period [26][31]. Group 3: Conditions for Redemption - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million CNY [7][9]. - The stock price conditions were met between July 8 and July 28, 2025, triggering the redemption clause [9]. Group 4: Additional Information - The company will provide daily announcements regarding the redemption process leading up to the redemption date [14]. - Bondholders must handle conversion requests through their respective securities firms, and the minimum conversion unit is one bond [19].

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 关于濮耐转债转股数额累计达到转股前公司已发行股份 总额 10%的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 濮阳濮耐高温材料（集团）股份有限公司 特别提示： 1、转股情况：截至 2025 年 8 月 6 日，"濮耐转债"累计转股数额为 105,082,078 股，占 可转债开始转股前公司已发行股份总额 1,010,320,936 股的 10.40%。 2、未转股可转债情况：截至 2025 年 8 月 6 日，公司尚有 1,845,752 张"濮耐转债"未 转股，占公司可转债发行总量 6,263,903 张的 29.47%。 一、濮耐转债基本情况 1、可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2020〕3350 号"文件核准，濮阳 濮耐高温材料（集团）股份有限公司于 2021 年 5 月 26 日公开发行了 6,263,903 张可转换公司债券，每张面值 ...

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 28 日 3、停止交易日：2025 年 8 月 18 日 4、赎回登记日：2025 年 8 月 20 日 5、赎回日：2025 年 8 月 21 日 6、停止转股日：2025 年 8 月 21 日 关于提前赎回"濮耐转债"的第八次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 7、赎回资金到账日（到达中登公司账户）：2025 年 8 月 26 日 8、投资者赎回款到账日：2025 年 8 月 28 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 耐转 ...

Group 1 - The renovation and building materials sector experienced a slight decline, closing at 14,357.55 points with a drop of 0.37% [1] - Filinger led the decline in the renovation and building materials stocks, closing at 21.10 CNY per share with a decrease of 4.18% [1] - Beijing Lier and Puyang Co. followed with declines of 3.16% and 2.79%, closing at 6.75 CNY and 7.32 CNY per share respectively [1] Group 2 - The report from Yiou Think Tank indicates that the transaction volume in China's technology market is increasing annually, with a projected contract transaction volume of 6.8 trillion CNY in 2024, reflecting a year-on-year growth of approximately 11.2% [1] - The development of the technology market is providing a stable foundation for the growth of the whole-house smart industry in China [1] - By 2025, the smart home market in China is expected to exceed 1 trillion CNY, driven by major players in the internet, home appliances, and traditional hardware sectors entering the smart home arena [1]